Econ 2480 – Intermediate Macroeconomics II Assignment 1

| June 13, 2018

Econ 2480 – Intermediate Macroeconomics IIAssignment 120 percent of total course markLength and Format:This assignment has two parts and is based on material you have covered in units 1 and 2.Your answer for part 2 of this assignment should be 2 to 3 pages in length excluding references, tables,and diagrams. It should be typed, double spaced, 1 inch margins all around, and no more than 12 pointfont.PART 1 – 5%1. In what sense is money neutral? Why is monetary policy useful even though money is neutral?2. Suppose investment is not responsive to the interest rate. Can you think of a situation where thismight happen? What does this imply for the IS, LM and AD curves?Econ 2480 – Intermediate Macroeconomics II1PART 2-15%Identify two or more recent negative macroeconomic events that have affected a country of your choice.For example, these events could have been a drop in consumer confidence, increase in the price of oil,change in monetary policy, falling house prices, etc. Find out what has been reported on these events inarticles in newspapers such as The Economist, Wall Street Journal, Globe & Mail, Financial Post, etc.Required:Using the AS-AD model and your knowledge of the workings of the labour market, prepare a report thatincludes the following:1. a brief analysis of the economic condition of the country of your choice2. a description of the events and their effects on the main macroeconomic aggregates (i.e. inflation,unemployment, and output)3. an evaluation of the extent to which the AS-AD model and your knowledge of the labour marketsheds light on what is happening in that country’s economy because of the macroeconomicevents you identified (You may use diagrams, if necessary, to supplement your answer.)4. Using your knowledge, propose what you think will think will happen to this country’s economy inthe short run and medium run. State assumptions you make and any limitations of yourassessment.Econ 2480 – Intermediate Macroeconomics II2Assignment 1Your answer for part 2 of this assignment should be 2 to 3 pages in length excluding references, tables,and diagrams. Please follow University of Chicago Style for format and references. Remember that youshould express ideas in your own words, including those from the textbook. You should cite all sourcesthat you use to support your answer.Grading criteria/marking rubricAdd marks from Part 1 and Part 2 for Total mark:Part 1Mark012-5Part 201-34-67-910 – 1213-15CriteriaFail. Questions not Answered/ Assignment was not submitted ontime/plagiarism.Poor. Questions attempted but all are incorrect/inadequateAdequate. Questions attempted. Mark awarded depends on the number ofcorrect answers.Fail . Questions not Answered/ Assignment was not submitted ontime/plagiarism.Poor. Answer exhibits one or more of the following: factually correct but at anelementary level; muddled logic, lacking cohesion and direction; largely missingthe analysis of the macroeconomic events affecting the country of interest; andmissing use of the AS-AD model.Fair. Answer shows good knowledge but little evidence of critical assessment oranalysis of the macroeconomic events affecting the country of interest; notstructured in a logical manner; weak communication skills; and some, but notadequate, application of the AS-AD model and/or knowledge of the labourmarket.Very Good. Answer shows broad knowledge and understanding of the topic;can be based on lecture material alone, but will often show strong evidence ofreading and understanding of primary sources; use of the AS-AD model is verygood; and communication skills are well developed. Sources cited.Excellent. Answer demonstrates comprehensive knowledge of themacroeconomic events affecting the country of interest. It shows criticaljudgment in selection and evaluation of relevant issues, logical structure,outstanding communication skills, application of the AS-AD model, andknowledge of the labour market. Use is made of material outside of the textbook.Sources cited.Brilliant. Remarkable answer showing profound insight into the macroeconomicevents affecting the country of interest; expressing closely argued and originalideas with superb communication skills; demonstrating complete mastery of theAS-AD model integrated with an appropriate analysis of the labour market.Appropriate use is made of material outside of the textbook. Sources are citedcorrectly and the answer is within the page limit. Such answers are only rarelyencountered.Econ 2480 – Intermediate Macroeconomics II

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